Trend for 11th of April 2011

Eur/usd and eur/cad failed to move higher today. In fact, it was a pretty boring day in currency markets. Mondays have a tradition to be boring with very little volatility and minor moves. Oil has just taken a nose dive and it was pretty nice to watch. At the moment I am watching gbp/jpy (my favorite currency pair). And I state it, maybe for the third time that gbp/jpy might reverse soon. What makes me say that? First of all we have a technical pattern (a reversal pattern). We have two support points at 137.90 level and lower highs. 

If you looked at the economic calendar you will see that we have a pretty important data coming from Great Britain tomorrow at 8.30 GMT (Consumer Price Index). So, if we combine the technical stuff which I mentioned above and this fundamental thing coming from Britain, you can have a pretty strong impression that there is going to be at least a short term shift in trend. If there won’t be, be ready to go up and clear away the most recent high again. In terms of selling, get ready to have a sell stop order below 137.90 level. 

Read my previous posts:

Eur/cad news trade on Friday

Long term trend in silver

Disclaimer

Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.

Trend for 3rd of April 2011

I practically covered all my expectations about the coming Monday in my two previous posts. I can add that there could also be a reversal in gbp/jpy. I told you about this a few times and the pair failed to reverse. However, if you follow some trading rules and trade using buy stop and sell stop orders you very often avoid getting into the market at the wrong moments, because your orders are not opened and the market just continues going its way. Of course, maybe you miss something too, but sometimes it is better to miss and study charts better than to try trading every day in order to catch a few pips.

If you want to become a good trader you need to concentrate on the big picture and try to predict when, where and how you can catch a trend and make bigger money. You can actually trade once or two times a month and make some forty or even more percent of profit if you take only the best situations in the market. I know how difficult it is to learn to wait as I have been making the same mistakes like most traders do nowadays, but I am making less and less  mistakes and how to be making great money in a few years time. 

Read my previous posts:

Eur/usd trend

Nonfarm payrolls

Disclaimer

Trading financial markets carries a high level of risk, and may not be suitable for all investors. All information on the blog is of educational nature and cannot be considered as advice, recommendation or signals to trade in any financial markets.